Southern Cross AI to list on ASX with focus on sovereign infrastructure

Southern Cross AI (SCX.ai) is set to list on the Australian Securities Exchange following a $40 million capital raise. The company provides AI inference infrastructure designed to operate within existing Australian commercial data centres, focusing on data sovereignty and environmental efficiency.

SCX.ai utilizes specialized, air-cooled AI accelerator processors. According to founder and CEO David Keane, these systems use 99% less water and 75% less electricity than traditional graphics processing units (GPUs) while delivering results up to five times faster. The platform uses open-weight models, which can be up to 80% cheaper for companies to run than proprietary flagship models.

On a macroeconomic scale, research suggests that artificial intelligence could potentially inject up to $116 billion into the Australian economy. However, this growth is accompanied by enterprise challenges, including the need to manage workforce displacement, technical debt in legacy codebases, and security risks such as prompt injection and data leakage.